Answer the following statements true (T) or false (F)
1. Companies are required to report plant assets as a single amount, with a note to the financial statements that provides detailed information.
2. Companies may choose to report plant assets as a single amount, with a note to the financial statements that provides detailed information, or companies may provide detailed information on the face of the statement.
3. IFRS permits the presentation of plant assets at their fair market value.
4. U. S. Generally Accepted Accounting Principles permits the presentation of plant assets at their fair market value.
1. FALSE / Explanation: Companies may choose to report plant assets as a single amount, with a note to the financial statements that provides detailed information, or companies may provide detailed information on the face of the statement.
2. TRUE
3. TRUE
4. FALSE
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Reilly's law is an example of a(n) _____ model
a. regression b. analog c. gravity d. trend
A sales return of $25 including tax of $2 would require a:
a. debit to sales returns and allowances for $25. b. credit to sales returns and allowances for $23. c. credit to sales returns and allowances for $25. d. debit to sales returns and allowances for $23.
Freight-In is an adjunct-purchases account:
a. added to purchases on the income statement. b. credited to record transportation. c. deducted from purchases on the income statement. d. not appearing on any financial statement.
What determines the difference between a direct and an indirect cost?
A. Whether it is relevant to a particular decision. B. Whether it is related to manufacturing or nonmanufacturing activities. C. Whether it changes when activity levels change. D. Whether it can be traced to a specific cost object.